Pangbourne posts improvement in earnings.

Posted On Friday, 22 August 2003 02:00 Published by eProp Commercial Property News
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 Property loan stock group Pangbourne Properties reported improved earnings yesterday for the year to June what after was described as a challenging year for the company. 

Property-Housing-ResidentialCEO Athol Campbell said the year was challenging for property owners as high interest rates and a strong rand took their toll on tenant activities.

 Core earnings for each linked unit increased 3,6% moving to 89,23c for the year from 86,09c last year.

 Campbell said he was "very pleased with the results" and attributed the increase to good management, tighter cost controls and an improvement in letting strategies on the properties the company bought. The bulk of the company's portfolio is focused on industrial properties.

 The company reported an 8% improvement in vacancies, saying its occupancies have risen to 90,7% from 82,7% last year.

 "Improved demand for industrial space was evident in the second half of the year and some notable lettings were achieved in this period", the company said.

 Existing industrial space has been revamped and Campbell said the company has relet the space at better than budgeted rentals as they had become more user friendly.

 The decision to diversify the portfolio away from the Gauteng domination to the greater Durban area had "proved both timely and successful as rentals and occupancies in this area have firmed and increased".

 Total distribution increased from 89c from 88c last year and the company would pay out a final distribution of 48c for each combined unit.

Last modified on Saturday, 10 May 2014 11:58

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